Receivables Electronic Funds Transfer Enhancements
Module: Receivables Management, Electronic Banking
Why this feature is cool!
In Microsoft Dynamics GP 2010, we have integrated Receivables Management with the user defined EFT file format functionality so customers can match the files they transmit for electronic receipts to their specific bank requirements (if an out of the box format isn’t supported by your bank). Now, users can process electronic receipts more efficiently.
· If Use EFT Numbers is selected, the EFT number will default as the check number in Cash Receipts
· Select a file format for all EFT payments or base the file format on the file transfer method set on the customer record
· Start with defined formats and modify the formats based on bank specific needs
· Create a user-defined format from scratch, if needed.
· Apply bank specific options, such as adding pad blocks or creating an auto-settlement line for each payment
· Combine multiple EFT cash receipt batches into a single EFT file for transmittal
What does it look like?
Cards > Financials > Checkbook > EFT Bank > Receivables Options
Transactions > Sales > Cash Receipts
Transactions > Sales > Generate EFT File
Is this feature available in the UK?
The EFT for Payables Management enhancements added in GP 10 looked really good, but were disabled for UK installs of GP, so we were forced to continue using the Report Writer method of old.
Has this been rectified in GP 2010?
Hi Andrew, let me check into that question and get back to you. Stay tuned...
Andrew, I was able to verify that the EFT functionality would be installed in the UK release and unlocked with reg keys if purchased. We've opened up the GEO availability for all add-ons, so Partners should now be able to purchase the EFT modules in any GEO. Best of luck!
While it is nice to be able to send a file, the process seems very manual, especially for a company with many EFT transactions. It appears you need to create an individual receipt (or payment) for each invoice. Is there a way to have the system create the EFT file simply based on the EFT setup on the Customer Address? If not, do you know if there are any products or modifications created to handle this process?
Let me check into this for you Michael and get back to you...sorry we weren't able to respond sooner.
Ok Michael, I checked with development and here is what I found out. Unfortunately our EFT system work like you suggest, so you may need to check around for ISV's that offer this functionality. I'd suggest you contact your Partner OR use the Solution Finder website to look for potential ISV's that offer this:
Sorry we couldn't be of more help,
Nolans Business solutions has a product which does this.